Recovery Loans

[Sy1441]

We are looking to raise £250k to cover the gap in funding our new franchise store but HSBC have declined the application due to their underwriting team making the decision not to allow the loan for OPEX. The last years trading has cost us around £550k in lost revenue so I'm surprised at the decision however the bank are trying to force us into using other lending products.

We can fund what we need to do in other ways however the RLS means I wouldn't need to liquidate or secure against assets.

Has anyone secured a recovery loan as yet?

Edited by Sy1441 on Sunday 2nd May 10:36

[Jockman]

I’m looking at one now. For an acquisition project but there is no guarantee I’ll be accepted. The comment from Lloyds was that we’ll still be able to offer you a similar product but with a 5 year period rather than the 6 year one on the RLS.

Good luck and keep trying.